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Artificial Intelligence in Manufacturing Market to Reach $4.8B by 2023
August 9, 2017 | PRNewswireEstimated reading time: 1 minute
The "Artificial Intelligence in Manufacturing Market by Offering, Technology, Application, Industry, and Geography - Global Forecast to 2023" report has been added to Research and Markets' offering.
The artificial intelligence (AI) in manufacturing market was valued at $272.5 million in 2016 and is expected to reach $4.88 billion by 2023, at a CAGR of 52.42% between 2017 and 2023.
The growth of this market is driven by growing usage of big data technology and industrial IoT in the manufacturing industry, extensive usage of robotics, increased in usage of computer vision technology by manufacturing companies, cross-industry partnerships, and significant increase in venture capital investments.
This report segments the AI in manufacturing market on the basis of offering, technology, application, industry, and geography. By offering, the AI in manufacturing market has been divided further into hardware and software. The software segment held the largest share of the AI in manufacturing market in 2016. The growing demand for software-based AI solutions and the presence of major software companies providing AI software are expected to drive the growth of this market.
By technology, the AI in manufacturing market has been segmented into deep learning, computer vision, context awareness, and natural language processing (NLP). Currently, computer vision holds the largest share among AI technologies. The demand has grown since the companies have started to structure the huge volume of manufacturing data for predictive analysis.
By application, the AI in manufacturing market has been segmented into material movement, predictive maintenance and machinery inspection, production planning, field services, reclamation, and quality control. The predictive maintenance and machinery inspection held the largest share in 2016 owing to factors such as the growing machine's data with the increasing adoption of big data technology, robotics, and computer vision technology in the manufacturing industry.
By industry, the AI in manufacturing market includes semiconductor and electronics, energy and power, pharmaceuticals, automobile, heavy metals and machine manufacturing, food and beverages, and others (textiles and aerospace). Automobiles held the largest share in 2016 owing to the factors of extensive usage of industrial IoT and robots in automobile plants.
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